vs
Brighthouse Financial, Inc.（BHF）与LINCOLN NATIONAL CORP（LNC）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是Brighthouse Financial, Inc.的2.9倍（$4.9B vs $1.7B）。LINCOLN NATIONAL CORP净利率更高（15.3% vs 8.1%，领先7.2%）。Brighthouse Financial, Inc.同比增速更快（40.2% vs -2.8%）。过去两年Brighthouse Financial, Inc.的营收复合增速更高（377.7% vs 9.4%）
Brighthouse Financial是总部位于美国北卡罗来纳州夏洛特的保险公司，核心业务为销售年金和人寿保险产品。截至2018年3月，该公司是美国规模领先的年金和人寿保险提供商之一，总资产达2190亿美元，有效保单及年金合约数量约260万份。
林肯国民公司是美国财富200强控股企业，通过旗下多家子公司开展保险、投资管理等多元金融业务，“林肯金融集团”是该公司及其所有子公司共同使用的市场推广品牌名称。
BHF vs LNC — 直观对比
营收规模更大
LNC
是对方的2.9倍
$1.7B
营收增速更快
BHF
高出42.9%
-2.8%
净利率更高
LNC
高出7.2%
8.1%
两年增速更快
BHF
近两年复合增速
9.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $4.9B |
| 净利润 | $137.0M | $755.0M |
| 毛利率 | — | — |
| 营业利润率 | 8.9% | 18.6% |
| 净利率 | 8.1% | 15.3% |
| 营收同比 | 40.2% | -2.8% |
| 净利润同比 | -79.6% | -55.2% |
| 每股收益（稀释后） | $1.84 | $4.32 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BHFLNC
| Q4 25 | $1.7B | $4.9B | ||
| Q3 25 | $1.8B | $4.6B | ||
| Q2 25 | $871.0M | $4.0B | ||
| Q1 25 | $2.4B | $4.7B | ||
| Q4 24 | $1.2B | $5.1B | ||
| Q3 24 | $2.0B | $4.1B | ||
| Q2 24 | $1.4B | $5.2B | ||
| Q1 24 | $74.0M | $4.1B |
净利润BHFLNC
| Q4 25 | $137.0M | $755.0M | ||
| Q3 25 | $479.0M | $445.0M | ||
| Q2 25 | $85.0M | $699.0M | ||
| Q1 25 | $-268.0M | $-722.0M | ||
| Q4 24 | $671.0M | $1.7B | ||
| Q3 24 | $176.0M | $-528.0M | ||
| Q2 24 | $34.0M | $895.0M | ||
| Q1 24 | $-493.0M | $1.2B |
营业利润率BHFLNC
| Q4 25 | 8.9% | 18.6% | ||
| Q3 25 | 32.2% | 11.5% | ||
| Q2 25 | 10.7% | 21.0% | ||
| Q1 25 | -14.8% | -20.2% | ||
| Q4 24 | 69.2% | 41.5% | ||
| Q3 24 | 9.3% | -17.1% | ||
| Q2 24 | 1.0% | 21.3% | ||
| Q1 24 | -829.7% | 37.1% |
净利率BHFLNC
| Q4 25 | 8.1% | 15.3% | ||
| Q3 25 | 26.4% | 9.8% | ||
| Q2 25 | 9.8% | 17.3% | ||
| Q1 25 | -11.2% | -15.4% | ||
| Q4 24 | 55.7% | 33.3% | ||
| Q3 24 | 8.7% | -12.8% | ||
| Q2 24 | 2.4% | 17.4% | ||
| Q1 24 | -666.2% | 29.7% |
每股收益（稀释后）BHFLNC
| Q4 25 | $1.84 | $4.32 | ||
| Q3 25 | $7.89 | $2.12 | ||
| Q2 25 | $1.02 | $3.80 | ||
| Q1 25 | $-5.04 | $-4.41 | ||
| Q4 24 | $10.27 | $9.66 | ||
| Q3 24 | $2.47 | $-3.29 | ||
| Q2 24 | $0.12 | $5.11 | ||
| Q1 24 | $-8.22 | $6.93 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | — |
| 总债务越低越好 | $3.2B | $6.3B |
| 股东权益账面价值 | $6.8B | $10.9B |
| 总资产 | $241.8B | $417.2B |
| 负债/权益比越低杠杆越低 | 0.47× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资BHFLNC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | — |
总债务BHFLNC
| Q4 25 | $3.2B | $6.3B | ||
| Q3 25 | $3.2B | $5.8B | ||
| Q2 25 | $3.2B | $5.8B | ||
| Q1 25 | $3.2B | $5.9B | ||
| Q4 24 | $3.2B | $6.1B | ||
| Q3 24 | $3.2B | $5.9B | ||
| Q2 24 | $3.2B | $5.7B | ||
| Q1 24 | $3.2B | $5.7B |
股东权益BHFLNC
| Q4 25 | $6.8B | $10.9B | ||
| Q3 25 | $6.4B | $10.5B | ||
| Q2 25 | $5.7B | $9.5B | ||
| Q1 25 | $5.2B | $8.2B | ||
| Q4 24 | $5.0B | $8.3B | ||
| Q3 24 | $5.5B | $9.0B | ||
| Q2 24 | $4.1B | $7.9B | ||
| Q1 24 | $4.2B | $7.5B |
总资产BHFLNC
| Q4 25 | $241.8B | $417.2B | ||
| Q3 25 | $244.7B | $415.3B | ||
| Q2 25 | $242.6B | $399.1B | ||
| Q1 25 | $234.7B | $382.9B | ||
| Q4 24 | $238.5B | $390.8B | ||
| Q3 24 | $245.2B | $396.8B | ||
| Q2 24 | $237.4B | $384.5B | ||
| Q1 24 | $239.7B | $383.4B |
负债/权益比BHFLNC
| Q4 25 | 0.47× | 0.57× | ||
| Q3 25 | 0.50× | 0.55× | ||
| Q2 25 | 0.56× | 0.60× | ||
| Q1 25 | 0.60× | 0.72× | ||
| Q4 24 | 0.64× | 0.74× | ||
| Q3 24 | 0.57× | 0.65× | ||
| Q2 24 | 0.76× | 0.72× | ||
| Q1 24 | 0.75× | 0.76× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-3.0M | $233.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -0.02× | 0.31× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BHFLNC
| Q4 25 | $-3.0M | $233.0M | ||
| Q3 25 | $117.0M | $-1.1B | ||
| Q2 25 | $-1.0M | $1.0B | ||
| Q1 25 | $146.0M | $-272.0M | ||
| Q4 24 | $-118.0M | $222.0M | ||
| Q3 24 | $24.0M | $-27.0M | ||
| Q2 24 | $334.0M | $-859.0M | ||
| Q1 24 | $-530.0M | $-1.3B |
现金转化率BHFLNC
| Q4 25 | -0.02× | 0.31× | ||
| Q3 25 | 0.24× | -2.56× | ||
| Q2 25 | -0.01× | 1.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.18× | 0.13× | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 9.82× | -0.96× | ||
| Q1 24 | — | -1.10× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BHF
| Annuities | $926.0M | 55% |
| Runoff | $319.0M | 19% |
| Life | $298.0M | 18% |
| Other | $78.0M | 5% |
| Distribution Service | $66.0M | 4% |
| Accident And Health Insurance Segment | $2.0M | 0% |
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
